Wisconsin budget might improve farm and business borrowing
The President of the Wisconsin Bankers Association says part of Wisconsin’s budget bill would improve farm and business lending.
Rose Oswald Poels tells Brownfield the budget language would give banks a tax break if they make commercial or ag loans of five million dollars or less. “It would really give banks the ability to lower some of the borrowing costs for their small business and farm customers.”
Poels says the changes included in the budget bill align well with the Legislature’s and the Governor’s focus on economic development and would put financial institutions on an equal footing. “We have been working really for ten years on trying to get a little more parity with credit unions and so you know this provision would allow us to do that while also potentially allowing us to make more loans to small businesses and farmers and lower their borrowing costs.”
Oswald Poels says the budget’s individual tax rate cuts will also help Wisconsinites keep more money in their pockets.
The Wisconsin budget bill passed the Legislature last week and awaits action by Governor Tony Evers.